Among the first generation of Silicon Valley venture-backed internet startups, 12.5 percent had completed IPOs by the end of 2001, compared to 7.3 percent in the rest of the country, while only 4.2 percent of valley startups attained profitability, a significantly lower proportion than in the rest of the country.

Shoshana Zuboff, The Age of Surveillance Cap…, loc. 1840